Office Depot upped at Citigroup, Odland's vision cited

AudeLagorce

LONDON (MarketWatch) -- Citigroup upgraded Office Depot, Inc
ODP, -1.35%
to buy from hold and raised its price target to $60 from $47, saying it no longer views the office equipment and supplies retailer in the shadow of rival Staples Inc
SPLS, +0.10%
The broker told clients it believes Office Depot can achieve close to 725 basis points of operating margin expansion over the next five years. It added that it thinks the group's future success depends on the implementation of Chairman Steve Odland's vision. "While we believe Odland's goal is to drive industry consolidation, his focus on profitable growth means he will likely not chase unprofitable sales," the broker concluded.

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